The Gazette 1952-1955

not obliged to procure and lodge a certified copy for this purpose. (ii) The lender’s solicitors are not bound a their expense to return the counterpart lease to the builder’s solicitors. Long lease not at rack rent. Costs. O n a report from a Committee the Council decided that the costs o f each o f the undermentioned leases should be drawn on the scale appropriate to a long lease not at a rack ren t:— (i) A lease for a term o f 99 years at the yearly rent of £ 15 n s . 3d. with the usual covenants and conditions without any building covenant. The rateable valuation o f the property is £33. The lessee had rights under Part 3 o f the Landlord and Tenant Act 1931. The property was held under a lease due to expire, for a long term subject to the yearly rent o f £ 10 js . 6d. (ii) A lease for a term o f 99 years subject to the yearly rent o f £5 12s. 6d. and the usual covenants and conditions without any building covenent. The P.L.V. o f the premises is £7. The property was held under a lease, due to expire, for a long term subject 'to the yearly rent o f £ 3 15 s. and the lessee had rights under Part 3 o f the Landlord and Tenant Act 1931. (iii) A lease for a term o f 99 years subject to the yearly rent o f £4 is. and the usual covenants and conditions without any building covenant. The P.L.V. o f the premises is £5. The property was formerly held under a long lease due to expire subject to a yearly rent o f £2 14s. and the lessee had rights under Part 3 o f the Landlord and Tenant Act, 1931. Interest on clients’ moneys. M embers enquired whether they were liable to account to clients for the interest on ( a ) the floating balance o f clients’ moneys on which interest is allowed by way o f set off against interest on over­ draft on another account; ( b) moneys placed on deposit receipt. They pointed out that they are not trustees o f this money and that considerable expense was incurred for book-keeping transactions and bank charges in connection with the clients’ moneys bank account. Reference was made to the statements in Solicitors Accounts by Smart and Blackwell, Pages 7, 8, 14 and 15 ; Cordery on Solicitors, 4th edition, pages 210 and 2 11 ; and the Attorneys and Solicitors (Ireland) Act, 1870, Section 1-6-f>). q ,

Southern Law Society Barry M. O’Meara, T. A. Buckley, Edmund Hayes, John B. Jermyn, P. J . Kavanagh. Improvement Schemes under the Labourers’ Acts. Costs T he Council considered and adopted a report from a Committee on the subject o f a proposed application to the Minister for Local Government for a new order authorising increases in solicitors’ costs under the Labourers’ (Ireland) Orders, 1914 to 1924 and directed that the necessary submission should be drafted. Firm A acted for the builder o f a house which was sold to a purchaser who was separately repre­ sented, the sale being by way o f a lease at a fine and a rent. The purchaser borrowed part o f the price from a lender who was represented by Firm B. The sale was closed at A ’s office and the lease and counterpart were handed to the purchaser’s solicitor. The purchaser’s solicitor handed the lease and counterpart duly stamped, to B without any express comment or instructions. B lodged the lease and counterpart in the Land Registry, which in due course returned the original lease to B retaining the counterpart. A acting for the builder is unable to get back the counterpart which he claims is his property. A and B had no dealings with each other on this point prior to the completion o f the sale and mortgage. A and B seek the opinion of the Council on the following points and agree to accept the Council’s ruling:— (i) Were the lender’s solicitors entitled to lodge the counterpart lease for retention in the Land Reigstry or should they have procured and lodged a certified copy for this purpose ? (ii) Are the lender’s solicitors now bound at their own expense to return to the builder’s solicitors the counterpart lease ? Report o f Committee: In the opinion o f the Committee the answers to the questions, as between the parties, are as follows :— (i) ■ The lender’s solicitors were entitled in the circumstances disclosed to lodge the counterpart lease for retention in the Land Registry and were Purchase and Mortgage. Lodgment o f counterpart lease in Land Registry. T he Council considered and adopted a report of a Committee on questions submitted for decision on the following facts :—